A new report from the Association of British Insurers and PwC UK sets out how cyber insurance can enhance the UK’s resilience to cyber risk. At the same time, the ABI has published guidance on how organisations can make themselves more resilient to cyber threats.

The guidance lists a number of practical measures firms can implement such as regular staff training, creating offline backups, enacting multi-factor authentication and conducting supplier and third-party checks.

The joint report with PwC explores how insurers have developed risk management strategies and improved product design to cope with advancing cyber threats. It also recommends that the market strives for clearer policy language and increased levels of data sharing to further enhance risk management capabilities going forward.

Martin Murphy, corporate insurance strategy lead at PwC UK, said: “As our report shows, cyber insurance is increasingly doing much more than paying claims. Insurers are helping organisations strengthen their defences, respond more effectively when incidents occur and recover more quickly afterwards. With cyber threats continuing to evolve, there is an opportunity for the market to play an even greater role in supporting resilience across the UK economy.”